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  5. Fukoku Co., Ltd. Business Report FY ended Mar. 2015

Fukoku Co., Ltd. Business Report FY ended Mar. 2015

Financial Overview

(in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 Rate of Change (%) Factors
Overall
Sales 70,067 64,300 9.0 -Even though production volumes by OEMs in Japan were sluggish, business performance improved year-on-year due to the growth in production outside Japan, mainly in North America and emerging countries.
Operating income 3,454 3,047 13.4
Ordinary income 4,113 3,519 16.9
Current net income 2,789 2,457 13.5
Functional products
Sales 33,325 30,419 9.6 -Business performance improved year-on-year due to steady orders for products both in and outside Japan.
Operating income 3,486 3,410 2.2
Anti-vibration products
Sales 27,695 25,724 7.7 -Business performance improved year-on-year due to steady orders for products both in and outside Japan.
Operating income 2,871 2,482 15.7

Recent Development Outside Japan


-The Company will construct a new plant in the state of Guanajuato in Mexico. The new plant will start manufacturing automotive seals and steering dust boots in 2015. This will be the Company's first plant in Mexico. A 2,000-square-meter plant will be built on a 42,000-square-meter site. The number of employees will reach to 50 in 2017. The Company intends to expand profit by strengthening its production network and by meeting its customers' growing demand in Mexico. (From an article in the Nikkan Jidosha Shimbun on July 1, 2014)

Contract

-The following are major supply agreements in Fiscal Year ended Mar. 31, 2015.

Functional products

Product Customers Status
Plastic boots Japanese passenger-car OEMs Commercial production started
Plastic boots Japanese parts suppliers Commercial production started
Brake parts European sports cars Won supply agreement
Pressure regulators for gasoline feeders Japanese spec turbo engines Commercial production started
Pressure regulators for gasoline feeders U.S. spec turbo engines Commercial production started
Plastic boots Japanese parts suppliers (produced by Mexican subsidiary) New development
Plastic boots Japanese parts suppliers (produced by Chinese subsidiary) Commercial production started
Cushions for exhaust parts Japanese parts suppliers (produced by Vietnamese subsidiary) Commercial production started


Anti-vibration products

Product Customer Status
Suspension parts for heavy-duty trucks Japanese commercial-vehicle OEMs Won supply agreement
Damper pulleys for gasoline engines Japanese passenger-car OEMs Commercial production started
Suspension parts Japanese commercial-vehicle OEMs (produced by Thailand subsidiary) Won supply agreement
Damper pulleys Japanese passenger-car OEMs (produced by Thailand subsidiary) Commercial production started
Damper pulleys for diesel engines Japanese passenger-car OEMs (produced by Indian subsidiary) Won supply agreement
Damper pulleys for gasoline engines Japanese passenger-car OEMs (produced by Thailand subsidiary) Won supply agreement


>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)

Outlook for FY ending Mar. 31, 2016

(in million JPY)
FY ending Mar. 31, 2016
(Forecast)		 FY ended Mar. 31, 2015
(Actual Results)		 Rate of Change (%)
Sales 72,000 70,067 2.8
Operating income 3,500 3,454 1.3
Ordinary income 3,700 4,113 (10.0)
Net income 2,400 2,789 (14.0)

R&D Expenditure

(in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Overall 1,533 1,340 1,271

Capital Expenditure

(in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Overall 6,111 4,333 5,609
-Functional products 3,864 2,597 3,369
-Anti-vibration products 1,524 1,065 1,712


-In the fiscal year that ended in March 2015, the Company made capital investments in order to install equipment at the headquarters and Siam Fukoku Co., Ltd., as well as to construct a production-plant building at Fukoku Vietnam Co., Ltd.

Planned Capital Investments

(As of Mar. 31, 2015)
Company
Office		 Purpose Estimated amount of investment (in million JPY) From To
Siam Fukoku Co., Ltd. Constructing plant building, installing facilities for manufacturing industrial rubber 1,022 Aug.
2014		 Oct.
2015
Fukoku Mexicana, S.A. de C.V. Constructing plant building, installing facilities for manufacturing industrial rubber 357 Dec.
2014		 Jul.
2015



Data

  Mar. 2015 Mar. 2014 Mar. 2013
Functional products 2,745 2,407 2,325
Anti-vibration products 1,310 1,271 1,218
Processed metal parts 168 155 157
Others 108 106 131
Corporate (In-common) 302 313 324
Total 4,633 4,252 4,155

Sales by Segment

(in million JPY)
  FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Sales Operating income Sales Operating income Sales Operating income
Functional products 33,325 3,486 30,419 3,410 26,721 3,792
Anti-vibration products 27,695 2,871 25,724 2,482 21,888 1,372
Processed metal parts 6,136 18 5,145 131 5,356 224
Others 2,910 24 3,011 (159) 2,939 34
Corporate and elimination - (2,946) - (2,816) - (2,759)
Total 70,067 3,454 64,300 3,047 56,906 2,664

 

Sales by Geographic Area

(in million JPY)
  FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Japan 38,258 36,783 35,276
Korea 7,415 6,475 -
Other 24,393 21,041 21,629
Total 70,067 64,300 56,906

(Note) Sales are based on customer locations, categorized by country or region.

Consolidated

 >>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)
FY ended Mar. 31, 2011 FY ended Mar. 31, 2012 FY ended Mar. 31, 2013 FY ended Mar. 31, 2014 FY ended Mar. 31, 2015
Sales (million yen) 51,618 54,469 56,906 64,300 70,067
Income from ordinary business activities (million yen) 3,801 3,267 3,072 3,519 4,113
Net income (million yen) 1,159 2,323 1,898 2,457 2,789
Comprehensive income (million yen) 919 1,858 3,287 4,789 4,983
Net assets (million yen) 21,830 23,302 26,117 30,490 34,973
Total assets (million yen) 44,997 47,731 50,044 55,804 63,835
Book value per share (yen) 1,203.75 1,289.34 1,439.79 1,666.49 1,902.81
EPS (yen) 67.54 135.35 110.53 142.90 161.99
Diluted EPS (yen) 67.47 135.22 110.43 142.81 161.86
Net asset ratio (%) 45.9 46.4 49.5 51.4 51.4
ROE (%) 5.67 10.86 8.10 9.20 9.07
PER 11.71 6.80 7.84 6.93 7.27
Cash flow from operating activity (million yen) 4,871 5,220 4,490 3,895 6,084
Cash flow from investment activity (million yen) (2,955) (3,699) (3,798) (3,705) (5,207)
Cash flow from financial data (million yen) 889 (1,334) (1,888) (149) 139
Balance at the term-end of cash and cash equivalents (million yen) 7,898 7,947 7,024 7,519 8,914
Number of employees 3,538 3,772 4,155 4,252 4,633

 

Non Consolidated

FY ended Mar. 31, 2011 FY ended Mar. 31, 2012 FY ended Mar. 31, 2013 FY ended Mar. 31, 2014 FY ended Mar. 31, 2015
Sales (million yen) 31,956 32,935 32,249 34,963 36,126
Income from ordinary business activities (million yen) 2,210 2,343 1,811 2,017 2,315
Net income (million yen) 543 1,730 1,196 1,323 1,584
Paid-in Capital (million yen) 1,395 1,395 1,395 1,395 1,395
Number of stock outstanding (thousand) 17,609 17,609 17,609 17,609 17,609
Net assets (million yen) 16,476 17,875 18,765 19,770 20,985
Total assets (million yen) 31,273 34,261 33,188 34,218 36,044
Book value per share (yen) 958.81 1,040.30 1,090.11 1,148.50 1,217.01
Dividend per share (yen) (Annual/Half) 20.00 20.00 20.00 20.00 20.00
EPS (yen) 31.67 100.79 69.63 76.94 92.02
Diluted EPS (yen) 31.64 100.69 69.57 76.89 91.95
Net asset ratio (%) 52.6 52.1 56.5 57.7 58.2
ROE (%) 3.32 10.08 6.54 6.87 7.78
PER 24.98 9.13 12.44 12.87 12.79
Payout ratio (%) 63.2 19.8 28.7 26.0 21.7
Number of employees 1,022 1,093 1,123 1,136 1,171